Many know Montenegro for its reputation as a rapidly growing high-end destination, following recent multi-million euro developments on the coast. But, what makes this Mediterranean country a true pearl of the Balkans is the perfect blend of its northern and southern parts.
Northern Montenegro is a bit more wild, untouched and yet to be discovered. Deep inside its breathtaking nature and slightly different culture, lies an immense investment and development potential.
Black Lake – Zabljak – credits: TO ZABLJAK
Lake Piva – Credits: Way to Montenegro
Current developments in the North
The development of the North of Montenegro is going to be the next big thing.
Currently, the most developed touristic regions with various-scale investments are Kolašin and Žabljak. Both towns have national parks, lakes and ski centers.
Kolašin is a hot pick right now as the Government has announced that EUR 50 million will be invested in the project Kolašin 1600 – a new mountain resort which will further advance the winter tourism development.
Project under development – Kolasin 1600
Additionally, Kolašin became attractive to tourists as it was heavily promoted as a destination through the entry of the first Sheraton Hotel right in the center of the town.
Žabljak has already been highlighted in the Government’s agenda as an exclusive winter destination. The development of the ski resort and the Black Lake in this area is on the highest priority list. From the private business sector, an investment company Adriatic Properties (investors in the luxury Aman Resort in Sveti Stefan) has entered the northern market and is developing a newly rebuilt Hotel Durmitor, which will definitely be a driver for other investments and developments.
Zabljak – credits: TO ZABLJAK
Benefits of doing business in the north
The Government of Montenegro adopted the ‘Promotion Program of Business Development‘, which seeks to increase employment in less developed municipalities, as well as activate the capital of domestic and foreign investors who could identify an interest in the implementation and advancement of this project.
Business zones have been set up by several self-government authorities in Montenegro, providing investors with the opportunity to invest under favorable terms in the northern towns of Berane, Bijelo Polje, Kolašin and Mojkovac.
Furthermore, the recently announced Citizenship by Investment Program will be a great opportunity for those willing to invest in projects covered by the Governmental development agenda.
The investment requirements in the North of Montenegro that will qualify investors for the CIP program are the following:
• €250,000 investment in approved real estate in an undeveloped region (north of the country) and
• Additional €100,000 in the form of a Governmental Fund donation.
The favorable investment climate, opportunities for the second citizenship by investment as well as the breath-taking beauty of the north should be reasons enough to consider investment in this region of Montenegro. We strongly believe that the north of Montenegro will definitely be the next big thing.
Eurofast has been a trusted advisor and valued partner to businesses in Montenegro since the country’s independence. Our team is ready to answer your investment and residency questions as you explore this attractive opportunity in the Western Balkans as well as provide you with a full range of professional services in Montenegro.
Bojana Minic
Investment & Immigration Consultant
bojana.minic@eurofast.eu